Bonn, 30 July 2022 (TDI): Article 6.4 Supervisory Body has launched Work on Market Anchoring in a Wider Paris Context.
At COP 26, the countries of the world agreed on how they can reduce their emissions using carbon markets, covered under Article 6 of the Paris Agreement.
Work has started on developing a new standard for global carbon markets under the Paris Agreement by following the members of Article 6.4 Supervisory Body’s first meeting from 25 to 28 July.
At #COP26, countries agreed on how they can reduce their emissions using carbon markets, covered under Article 6 of the Paris Agreement
Following a meeting this week, work has started on delivering a new standard for international carbon markets under the #ParisAgreement.
— UN Climate Change (@UNFCCC) July 29, 2022
Global Efforts to Secure the Environment from Climate Change
The Paris Agreement outlines an international framework for preventing severe climate change. The aim is to keep the global temperature well below 2°C and pursue efforts to keep it to 1.5°C.
Additionally, it seeks to strengthen nations’ capacity to combat the effects of climate change and aid them in their efforts. UNFCCC lays out the fundamental legal framework and guiding principles for international climate change cooperation.
The aims are to stabilize atmospheric greenhouse gas concentrations and prevent dangerous human interference with the climate system. The UK hosted the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow in 2021.
Parties came together at the COP26 summit to advance the objectives of the Paris Agreement and the UN Framework Convention on Climate Change (UNFCCC).
Article 6.4 Mechanism
The Paris Agreement’s Article 6 outlines three ways to achieve the emission reduction and adaptation goals outlined in their respective national climate action plans.
One of these methods is Article 6.4 Mechanism. According to Article 6, paragraph 4 of the Paris Agreements, the states “contributes to the mitigation of greenhouse gas emissions and support sustainable development.”
A corporation in one nation may use this process to reduce emissions in a state and have those reductions credited so that it can sell them to a company in another country.
The second company may make use of them to reach net zero or to fulfill its requirements to reduce emissions.
Efforts by Article 6.4 Supervisory Body to lower Climate Change
Article 6.4 Supervisory Body elected Kristin Qui as its Chairman and Piotr Dombrowicki as its Vice Chairman until the first meeting of the Supervisory Body in 2023.
Qui said, “I am very grateful to my colleagues for entrusting me with Chairing the Supervisory Body.
I take this responsibility with purpose and hope to contribute to the setup of a mechanism that will function transparently and support an ambitious implementation of the Paris Agreement.
It needs to be a tool enabling the world to address the ambition gap it is facing. We have a lot of work ahead of us and no time to waste.”
In the meeting of the Parties to the Paris Agreement (CMA), the Supervisory Body in its decision 3/CMA.3 paragraph 6 (a) approved its proposed rules of procedure and decided to submit them to the CMA for approval at its upcoming fourth session in November.
It was determined that the Rules of Procedure would be put into force immediately on a provisional level until any formal adoption.
The Supervisory Body also started to develop its work plan for 2022 and 2023 to implement the Article 6.4 mechanism. The Supervisory Body also emphasized the necessity of strategic communication for the work that lies ahead.
The Supervisory Body addressed structural issues in decision 3/CMA.3 paragraph 6 (b). The particular issues include registration and issuance fee levels and calculations and fee exemptions.
To present a proposal for the CMA’s adoption at its fourth session, more work to ascertain those will be led at the Supervisory Body’s second meeting.
As requested by the CMA in paragraphs 6(c) and (d) of decision 3/CMA.3, the Supervisory Body also engaged in a discussion on the removal activities under Article 6.4 Mechanism. Guidelines and methodologies for the mechanism developments are also discussed.
In both cases, the Supervisory Body decided to form an informal working group of members. The working groups collaborate with the UNFCCC secretariat personnel to write recommendations to the CMA before their second meeting.
The Supervisory Body agreed to take into consideration the Executive Board’s offer of assistance when operationalizing the Clean Development Mechanism.
